You may have heard about the original 4 Ps of marketing: Product, Price, Promotion, and Place. These are important factors to consider when marketing a product or service because they influence how customers perceive your offer.
But did you know: there’s an additional 4 P’s of marketing that you should take into consideration as well? In this article, we’ll go through what the 8 Ps of the marketing mix are, and look at the opportunities they can provide for your business.
In this Guide:
What is the digital marketing mix?
The digital marketing mix is essentially the same as the marketing mix, but has been adapted with the arrival of the availability of WiFi and smartphones to include an additional 4 Ps: People, Process, Physical evidence and Positioning. It is a set of marketing tools used to approach the marketing strategy for your products or services, helping your business achieve company goals.
The 8 Ps are: Product, Price, Place, Promotion, People, Processes, Physical evidence, and Positioning.
The 8Ps of Digital Marketing
The first “p” stands for product. This refers to the “thing” that you are offering to your customers, whether it is tangible (physical products) or intangible (services or digital products).
A product (or service) can become a marketing tool all by itself. By focusing on providing what is needed and valued by your customers and having strong unique selling points (USPs), you will find that the demand for your product (or service) is enough for it to sell itself. Think of Apple’s products and their customers’ brand loyalty to their identifiable designs.
Your business can benefit from this by putting the end-user first and offering products (or services) that are desired or needed, so that convincing customers to buy it takes a lot less effort.
The pricing of your products or services makes up the second “P” of the marketing mix.
Pricing too low or too high can both have negative consequences on your business. A price that is too low can indicate poor quality and will eat into your profits, whereas a price too high can cause customers to look for alternatives. If you are selling luxury products at a low price, chances are high that your audience will attribute this to poor value.
Analysing your target audience and comparing the pricing of your competitors will help you determine the optimal price for your goods and services. It may require adjustments down the line as supply and demand changes in your market but thorough research should be done beforehand, as customers may find it hard to justify a sharp increase in price for something that was initially set low.
Place refers to where the product or service is bought, sold, and experienced. This varies from business to business, as the placement of retail goods is different from those of direct sales online.
Where your products can be accessed will determine the success of your marketing plan; you will want to be placed where your target audience is. Using TikTok to advertise retirement plans to the older generation probably isn’t the best channel, but it may be a great place for selling small gadgets to teenagers.
Platforms such as social media, emails, and search engines can all be part of your Place marketing strategy.
The last of the original 4 Ps is promotion. This is how you get the word out about your product or service and create awareness. Promotion is almost synonymous with marketing. By definition, marketing encompasses all the activities associated with advertising, such as TV commercials, print ads, and sponsorships – which are technically strategies for product promotion. The rise of digital marketing has given businesses more options for promotion, including SEO, social media marketing, and email marketing.
Similarly to the place of your marketing strategy, you want to be promoting your goods and services on platforms where your target audience is likely to receive it. Having a shared message across these channels will increase the familiarity of your brand and keep you top of mind.
The “P” of people is all about the individuals who are involved in the launch or campaign, including the marketing team and the key personalities in your company..
People are the heart of any company and the ones who will be responsible for delivering on your marketing promises. They need to be passionate about their work and have the skills required to carry out the marketing strategy you have planned.
Communication and collaboration are keys to success when it comes to marketing. Make sure you brief your team across all departments (especially sales and marketing) with your strategy. Expectations and roles of each team member should be made crystal clear to avoid any confusion or mixed messages when the marketing plan is put into action.
Physical evidence is anything that can be seen, touched, or experienced that helps to build trust with your target audience, move them down the funnel, and convert them into buyers.
This could be the product itself, packaging, the environment in which the product is sold (such as a brick-and-mortar store), or how it is delivered (such as by courier).
In the digital world, this may take the form of reviews, testimonials, or even digital products such as ebooks and online courses. If your business sells physical goods, consider how you can make the unboxing experience special and memorable for your customers.
The processes of your marketing mix is how your company delivers its products and services to consumers. The systems you have in place allow you to convert visitors into paying customers.
If you take the time to make sure your company has a good procedure in place, you’ll save resources and have greater efficiency. Your business’s level of customer service will remain consistent, which is excellent for developing a brand reputation and customer loyalty.
Both products and services require detailed processes and you can use this to set clear company expectations, helping to align your team and make onboarding easier.
The last of the 8 Ps is positioning. Positioning refers to how you want your product or service to be perceived by your target audience. This includes the USPs (unique selling points) of your offering and the overall messaging of your marketing campaign. A key component of positioning is understanding what needs or wants your target audience has that are not currently being met.
After identifying who your preferred audience is and what they need, you can craft the messaging for your marketing campaign around these insights. Consider using A/B testing for different versions of ads or emails to see which performs better with your target audience.
The marketing mix is a great guideline to use when deciding where best to allocate your resources for marketing. If you feel that you don’t have the time or expertise to make these decisions, however, working with a digital marketing agency may be best.
Distribute Digital helps small businesses increase their leads and sales through SEO, PPC, Social media, and more. To get started, book your free 30-minute digital marketing consultation with us to see how we can help your business scale up to the next level.